UPDATE: The Yankees sign Kevin Millwood

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UPDATE: The deal, she is done, and it’s a minor league deal as Heyman reported last night.  I presume this will lead to a lot of chatter, but really, he’s not going to be a factor any time soon. He hasn’t pitched all spring and the season starts in less than a week.  It’s a depth move — potentially a smart one, depending on how he looks after he’s in baseball shape — but for not it’s of little consequence.

Thursday, 11:49 PM: From Jon Heyman of SI.com comes word that the Yankees are close to signing right-hander Kevin Millwood to a minor league contract.

Millwood, 36, had been holding out for a guaranteed big league roster spot, but it never came and spring training is now nearing it’s wrap-up stage.

Heyman says the contract is “incentive-laden,” meaning it is packed with around a million (or two) in performances-based bonuses. Those probably won’t click in, of course, if he’s not on the major league roster. And the Yanks are almost certain to send him to Triple-A Scranton/Wilkes-Barre initially.

Millwood is durable but he posted a 5.10 ERA in 31 starts last year for Baltimore, netting only four wins (if wins are your thing). We’ll call him insurance in case both Bartolo Colon and Freddy Garcia go down with injuries. That’s not completely out of the realm of possibility.